For buyers and sellers: Five tips for a successful dealMake your move in your wealthy future a stress-free one! The smart first step for both parties is finding a real estate professional you are comfortable working with. They will be the guiding light during the entire process.
For buyers, here are five tips for ensuring a successful real estate transaction:
- Avoid overspending at all costs. Establish a budget and stick to it, no matter what. Being “house poor” will overshadow the initial joy you feel from purchasing your new investment property.
- Don’t get emotionally involved. This is an investment property not your home! It’s easier said than done, but if a deal doesn’t go through – whether it’s an issue with price, conditions or a bidding war – be prepared to walk away knowing that your perfect rental property IS still out there!
- Try to see the big picture. Try to see the potential. Don’t get hung up on walls paint colors, a messy yard or ugly light fixtures. These are all easy fixes. Instead use big-ticket items, like the condition of the furnace, windows and roof to help aid in your decision.
- Location, location, location. It’s the one thing you can never change about the property you buy.
- Start an emergency fund. Unforeseen (and expensive) issues can arise at any time for homeowners. Having funds set aside specifically for this purpose will bring peace of mind.
Tips for sellers:
- Spend money to make money. To maximize your property’s selling potential, make sure to work on increasing gross rental income and making any necessary minor and major repairs.
- Prepare all the necessary papers: leases, expenses and major renovations bills. They should represent the best of your property.
- Don’t over price. It’s a waste of everyone’s time, including yours.
- Remember that well maintained property not only attracts good tenants but also it attracts good buyers. Make sure that the exterior of your property looks well maintained regardless of the season.
- Never underestimate the power of a clean house. Make sure common areas are clean and neat, give tired walls a fresh coat of paint. Your property should be spotless for showings. No exceptions!